Shares of Deutsche Bank AG (USA) (NYSE:DB) ended Friday session in red amid volatile trading. The shares closed down -0.25 points or -1.92% at $12.75 with 6.15 million shares getting traded. Post opening the session at $12.75, the shares hit an intraday low of $12.68 and an intraday high of $12.83 and the price vacillated in this range throughout the day. The company has a market cap of $18.06 billion and the numbers of outstanding shares have been calculated to be 1.37 billion shares.
On September 6, 2016 Deutsche Bank Wealth Management announced that it will focus on making strategic investments in its US Wealth Management business after successfully closing the sale of its US Private Client Services (PCS) unit to Raymond James Financial, Inc.
The unit will continue to operate under the name of Alex. Brown. The agreement was originally announced in December 2015.
Deutsche Bank Wealth Management has been strategically expanding its wealth management presence in selected US markets including the West Coast and Florida.
“The successful sale of the US PCS business is a significant step toward the bank’s Strategy 2020 goal to become a simpler and more efficient organization,” said Fabrizio Campelli, Head of Deutsche Bank Wealth Management. “We will now concentrate on further building out our wealth management capabilities for ultra-high-net-worth clients in the US, underlined by a series of recent senior appointments including Patrick Campion, who joined us last month as Head of Deutsche Bank Wealth Management for the Americas.”
Deutsche Bank and Raymond James will preserve and enhance the value proposition for Alex. Brown clients through a strategic distribution arrangement, providing access to certain Deutsche Bank products and banking services.
Campelli continued: “We will now be able to better serve our clients and grow our Americas business by focusing on a single distribution channel. We are looking forward to continuing our collaboration with Raymond James as a distribution partner.”
Shares of U.S. Bancorp (NYSE:USB) ended Friday session in red amid volatile trading. The shares closed down -0.21 points or -0.49% at $42.96 with 5.96 million shares getting traded. Post opening the session at $42.75, the shares hit an intraday low of $42.70 and an intraday high of $43.27 and the price vacillated in this range throughout the day. The company has a market cap of $73.37 billion and the numbers of outstanding shares have been calculated to be 1.72 billion shares.
On September 21, 2016 Elavon Financial Services, European subsidiary of U.S. Bank, now offers electronic freight invoicing support specially designed to satisfy developing regulatory requirements in Europe. The e-invoicing service from Elavon Freight Payment is fully automated, traceable for auditing and compliant with European Union and local regulations. Built on a highly adaptable invoice processing platform, the Elavon e-invoicing process makes it simple for business partners to transition and meet new requirements as regulations evolve.
“Europe generally lags behind the Americas in adoption of e-invoicing due to multiple competing formats and regulations,” said Gráinne Fennell, senior product manager for Elavon Freight Payment. “However, the European Union is trying to jumpstart wider adoption through ordinances such as the EU e-invoicing directive, which mandates electronic invoicing for business-to-government transactions in the EU by November 2018. We expect the directive to have a much wider commercial impact as suppliers sending e-invoices to government customers migrate to the same process for all customers for efficiency.”
Elavon Freight Payment leverages proven tools already serving thousands of North American customers to craft one of the first solutions to meet the business and regulatory requirements associated with European e-invoicing. It seamlessly accommodates the complex country-by-country regulations, creating a consistent experience and alleviating compliance risk for the user, regardless of where in Europe the transaction starts or ends.